How Much House Can I Afford If I Make 83000 a Year?

If you earn $83000 a year and are interested in buying a house, you may be wondering how much house you can afford. You can use a home affordability calculator to determine how much house you can afford based on your income, debt profile and down payment. The calculator will take into account property taxes, home insurance and other debt payments. It will also calculate how much you can afford for monthly mortgage payments. The calculator will also break down these payments into the amount of principal and interest that you can afford to pay each month.

A general rule of thumb is to multiply your salary by three or four. For example, if you earn $80,000 a year, you should be able to afford a house priced between $240,000 and $320,000. In some cases, this figure may be higher depending on your state. However, if you’re on a tight budget, a conservative estimate may be more appropriate.

Once you’ve determined your budget, you should apply for pre-approval from your lender. This lender will review your income, debt, credit, and down payment to help determine how much home you can afford. If you have good credit, you should be able to afford a house that costs two and a half times your salary. If you have high debt, however, you may have to set your sights a little lower. You should also aim for monthly mortgage payments that do not exceed 36% of your gross income.